Hacker steals Bored Ape Yacht Club NFTs worth $3M in an Instagram account hack

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YEREVAN (CoinChapter.com) – A hacker stole nearly 100 nonfungible tokens (NFTs), including several from the blue-chip project Bored Ape Yacht Club (BAYC). According to a Twitter post by the project’s official handle, someone compromised their Instagram account and posted a fake link to a mint. As a result, hackers siphoned off NFTs worth millions.

“There is no mint going on today. It looks like BAYC Instagram was hacked. Do not mint anything, click links, or link your wallet to anything,”

Bored Ape Yacht Club tweeted.

BAYC co-founder Crypto Garga also confirmed the theft on Twitter. In addition, he revealed the Instagram hack resulted in the theft of 4 Bored Apes, 6 Mutant Apes, 3 Kennel Club from Yuga Labs, and some other assorted valuable NFTs.

The cumulative value of the Yuga Labs NFTs stolen in the hack amounts to nearly $3 million. The misleading link announced users could mint “land” in OthersideMeta, a fake account of a Yuga Labs project with a blue verification tick.

 OpenSea  has flagged nine Bored Apes for suspicious activity.

It is unknown how the hacker was able to break into the Instagram account of the project. However, the company informed that there is no lapse of security on their part.

“At the time of the hack, two-factor authentication was enabled and security surrounding the IG account followed best practices. We’ve regained control of the account, and are investigating how the hacker gained access with IG’s team,” 

they said. 

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NFT hacks have become commonplace

With the industry gaining traction, some investors are looking into various NFT generators to launch their collections. However, as NFTs popular, thefts and hacks also increase posing a serious threat to the reputation of the industry.

As 2021 came to a close, hackers compromised the famous Monkey King-themed nonfungible token project “Monkey Kingdom”. The hacker compromised the project’s discord and posed as a group administrator. As a result, they were able to post a fake link of a phishing website. The incident saw the theft of $1.3 million.

Last month, attackers stole $1.7 million from users after sending fake emails impersonating NFT marketplace OpenSea. Other popular thefts include phishing emails or SMS asking for wallet key phrases and security vulnerability in NFT platforms.

While Yuga Labs strives to recover the lost assets for its investors, investors should exercise caution so as not to fall victim to such scams.

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